The Real Deal New York

Pricey housing burdens middle-class New Yorkers: OPINION

NY construction costs among highest in the country partly due to taxes and fees
July 29, 2014 11:30AM

Maybe Mayor Bill de Blasio should’ve called it the “tale of three cities.” The city’s most forgotten group, according to City Record managing editor Steven Malanga in a New York Post editorial, is New York’s middle class.

“From its arcane regulatory regime to the nosebleed taxes and fees it imposes on firms and individuals, City Hall drives up the cost of living and working here dramatically, making it harder for ordinary New Yorkers to get ahead,” Malanga wrote.

New York has become one of the most expensive cities in the country to build in, according Malanga. Taxes and fees tied to new development are partially responsible to the high prices and the city’s approval process adds about $200,000 per building.

Expensive housing, high taxes and high prices to construct buildings have had a powerful effect on people’s lives, Malanga wrote. [NYP] — Claire Moses